Time-based inventory (“tbi”) is defined herein as a plurality of time quantities offered for sale with a fixed start time and a fixed expiration time, the time quantity being associated with a right and the time quantity being valueless or expiring after the fixed expiration time. Such inventory may include for example: (1) a time quantity for a location, such as a stadium, tennis court or seat; (2) a time quantity for use of a good, such as a car or restaurant; or (3) a time quantity for use of a service, such as radio broadcast time or cleaning services. Advertising intervals on radio or TV thus fall within the definition of time-based inventory.
Selling of such time-based inventory traditionally has been accomplished by scheduling and offering such time-based inventory based on predefined schedules.
Auction platforms for goods and services are well known. E-Bay for example permits sellers to auction off goods and services, as well as time-based inventory. A seller for example can auction off a basketball court time interval from 10:00 am to 11:00 on a Saturday on E-Bay. A TV advertising interval for the Super Bowl for example may be auctioned off or sold on E-Bay.